Will Arduino Assessing your savings progress Part 2

As America Saves Week draws to a close, we have the last six questions to complete the assessment of your savings progress. America Saves Week, which runs through March 1, encourages and assists individuals to assess their savings progress and take action to advance this progress. To better understand your savings progress, use the questions and the resources listed beneath them to assess your savings plan. Each of the Web sites listed offers a wealth of valuable financial literacy information. Are you saving enough for a retirement where you have a desirable standard of living? Ballpark E$timate Worksheet http://www.choosetosave.org/ballpark/The Ballpark E$timate helps you quickly and easily determine how much money you need to save to live comfortably in retirement. Ballpark takes issues like Social Security benefits and earnings and converts it into language and figures that are easy to understand. Be directed onto a health savings path. (Available in both an Interactive and non-Interactive version) What Is Your R3 Retirement Readiness Rating? http://www.ebri.org/surveys/rcs/2000/index.cfm?fa=rrrAssess your retirement readiness by taking this simple interactive questionnaire to determine how prepared you are for your retirement. Do you save for retirement at work through a 401(k) or other contributory plan? FINRA’s 401(k) Investing Advice/Homepage http://apps.finra.org/Investor_Information/Smart/401k/000100.aspSmart 401(k) Investing tips is full of advice on how to open a 401(k), different plan options, strategies on proper investing, as well as rules on how to manage, move, and withdraw funds from your account. Confused about the terminology? Visit the 401(k) glossary for help. Take charge of your 401(k) and become an expert! Outside of work, do you save automatically through regular preauthorized transfers from a checking account to saving or investment account? AICPA’s Savings Calculator, http://www.forefieldkt.com/kt_dt/dt_trns.aspx?xd=CompoundSavings&il=aiLearn how consistent contributions to a savings account can add up over the years. Watch your wealth grow with the magic of interest. Do you save a portion of tax refunds, gifts, bonuses, or other financial windfalls? Choose to Save’s tips on What to Do With Your Refund? http://www.choosetosave.org/tips/index.cfm?fa=display&content_ID=3529Before you consider frivolously spending your tax refund, consider using the extra funds to contribute to an IRA, make an extra credit card payment, buy a savings bond, or one of many other options that will benefit your financial future. Are you building equity in your home or other property? AICPA’s Tapping the Equity in Your Home, http://www.forefieldkt.com/kt/trns.aspx?xd=BP-CORE-13&il=a2&xsl=contentBefore tapping into the equity of your home to send your child to college, remodel your home, or pay off your credit card debt, visit this site to consider the pros and cons of this possibly risky measure. While it may permit a higher borrowing limit, your home is considered collateral if you cannot make the payments. Only you can decide if this option is right for you. Do you expect to pay off all mortgage loans before retirement? AICPA’s Mortgage Payoff Calculator, http://www.forefieldkt.com/kt_dt/dt_trns.aspx?xd=MortgagePayoff&il=aiWith the AICPA Mortgage Payoff Calculator, you can discover how much money in interest payments you can save if you increase your monthly mortgage payment. Simply input the number of years remaining on your mortgage, the total length, amount, interest rate, and possible additional monthly payment you can make to determine how much money you will save overall.Content for this article provided by and used with the permission of America Saves Week. Visit their Web site at http://www.americasavesweek.org.